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The Austrian Financial Market Authority (FMA) has announced the full applicability of the European Union’s Markets in Crypto-Assets Regulation (MiCAR), with the FMA overseeing Austria’s crypto market. This announcement was made in a press release on December 30, 2024.
Starting in 2025, the FMA will focus on licensing crypto-asset service providers (CASPs) to meet strict criteria, including financial stability and transparent business models. MiCAR establishes rules for asset-referenced tokens (ARTs) and e-money tokens (EMTs), requiring issuers to maintain stability and consumer protection standards. The FMA will also enforce clear white papers for crypto-assets and take strong action against unauthorized providers and fraud, collaborating with local and international authorities.
"Our expectation of new supervised entities is that they adopt a consistent 'compliance-first' stance," said the FMA’s Executive Directors Helmut Ettl and Eduard Müller. "This means that abiding by laws, responsible conduct of business, and protection of customers at all times are paramount. The Wild West era in the crypto-markets is over!"
